Fitch Ratings confirmed Cameroon's long-term foreign currency issuer (IDR) default rating to “B” with a stable outlook.

Several factors contribute to Cameroon's rating. The main ones include resilient economic growth, a relatively diversified economy helping to mitigate external shocks, a moderate public debt burden, and continued fiscal consolidation efforts anchored in an IMF program.

Despite global shocks, the Cameroonian economy is expected to grow by 3.5% in 2022. Growth will strengthen to 4.0% in 2023 and 4.5% in 2024, driven by non-oil activities, especially agriculture and construction, with the completion of energy and infrastructure projects and in the National Development Strategy (SND-30).

In addition, due to the economic impact of the war in Ukraine and the high inflation (+5.1% year-on-year in 1S22), the government presented a revised finance law for 2022 (RBL22). This represents higher subsidies and wages, offset by cuts in goods and services, capital spending, and Covid-19.